Varentec, a Santa Clara, CA-based provider of grid edge Volt-VAR control solutions, raised $13m in the first closing of its Series C financing.
The round was led by 3M New Ventures, with participation from existing investors Bill Gates and Khosla Ventures.
The company intends to use the funds for the expansion of its software applications and real-time advanced power electronics capabilities, as well as the international deployment of its GEMS™ software platform and ENGO™ grid edge control devices.
Led by Chairman & CEO Guillaume Dufosse, Varentec provides innovative solutions for the nascent generation of distributed grid control.
The Varentec GEMS™ software platform, coupled with ENGO™ power electronic devices deployed on the low voltage side of the distribution grid, controls voltage and reactive power in real time and reduce grid edge voltage volatility, even when high numbers of distributed PV solar systems are deployed on a circuit.
Distribution utilities can implement the company’s technology to serve a variety of Operational Excellence objectives, such as reducing technical losses, implementing grid-side energy efficiency and peak demand reduction, or postponing investments in fossil fuel generating capacity, in the context of high distributed PV or wind penetration.